S&P bets on improved performance with Las Vegas Sands upgrade

Standard & Poor's yesterday upgraded casino operator Las Vegas Sands from BB- to BB, driven by the company's continued strong performance, which has given it more leeway relative to its leverage threshold. Las Vegas Sands has also benefitted from the additional financial flexibility afforded by its proposed Macau refinancing. 

Las Vegas Sands is a widely held credit by CLOs, with over 77% of US deals holding debt from the company, according to CLO-i.

S&P has assigned a stable outlook to the rating, reflecting its view that Las Vegas Sands will maintain a cushion in credit metrics over the next several years that should allow it to spend on substantial development over that time period.